2nd Apr 2014 09:35
LONDON (Alliance News) - ECR Minerals PLC Wednesday said it has contracted Quest Exploration Drilling Inc to provide services at ECR's Itogon Gold-Silver Project in the Philippines.
The mineral development company with operations in the US, Argentina and Philippines, said the agreement provides for the completion by QED of up to to 24 drill holes at the Itogon site.
The drilling will be completed in three phases, beginning with 1,050 metres of drilling which is expected to start of April 7, with completion by the end of April and assay results to be released by the end of May.
ECR Minerals said the second and third phases depend on satisfactory results from the prior phases, but could be completed at the same time, and QED has the option to terminate the agreement after the first phase or the second phase with no further drilling being completed.
The company said the drilling programme is intended to generate information on the overall grade of the deposit on site as well as to assess its cohesiveness and whether it can be mined in bulk, either by open pit or underground techniques, or as discrete higher grade zones mineable underground.
ECR Minerals shares were up 6.8% to 0.235 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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